Stock Market HIGHLIGHTS: Sensex leaps 900 pts, Nifty 6 pts shy of 17,600 led by financial stocks
Stock Market HIGHLIGHTS: Indian equity benchmarks Sensex and Nifty50 staged a strong show on Friday backed by buyng across sectors, with financial, oil & gas and IT shares being at the forefront of the rally. The Indian share market took positive cues from its major peers globally amid growing investor optimism about slower hikes in benchmark interest rates, after a Fed official said he favoured "slow and steady" increases. The Sensex ended 899.6 points or 1.5 per cent higher at 59,809 and the Nifty50 settled at 17,594.4, up 272.5 points or 1.6 per cent from its previous close. Read more on the closing bell
SBI shares registered their biggest single-day jump since Mar 2021 after Reuters reported citing sources that the state-run lender may look to cut its stake in Yes Bank after a lock-in period ends on March 13.
Catch all the market action, market commentary and analysis only on Zeebiz.com's blog here, besides the views of Zee Business Managing Editor Anil Singhvi and other experts, investment ideas and stock picks:
Stock Market HIGHLIGHTS: Indian equity benchmarks Sensex and Nifty50 staged a strong show on Friday backed by buyng across sectors, with financial, oil & gas and IT shares being at the forefront of the rally. The Indian share market took positive cues from its major peers globally amid growing investor optimism about slower hikes in benchmark interest rates, after a Fed official said he favoured "slow and steady" increases. The Sensex ended 899.6 points or 1.5 per cent higher at 59,809 and the Nifty50 settled at 17,594.4, up 272.5 points or 1.6 per cent from its previous close. Read more on the closing bell
SBI shares registered their biggest single-day jump since Mar 2021 after Reuters reported citing sources that the state-run lender may look to cut its stake in Yes Bank after a lock-in period ends on March 13.
Catch all the market action, market commentary and analysis only on Zeebiz.com's blog here, besides the views of Zee Business Managing Editor Anil Singhvi and other experts, investment ideas and stock picks:
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Sensex ends 900 pts higher amid broad-based rally, Nifty 6 pts shy of 17,600
Both headline indices finish the strong session 1.5 per cent higher. The Sensex adds 899.6 points to its previous close to end at 59,809 and the Nifty50 settles at 17,594.4, up 272.5 points from its previous close.
Here's how the gauges moved through the day:
Sensex
Nifty50
Read more on the March 3 session
Global Market Update | Dow Jones futures barely in green, up 2 pts at 33,020; S&P 500, Nasdaq edge higher
The futures of three main Wall Street, the Dow Jones, the S&P 500 and the Nasdaq Composite, suggest a muted start ahead in the US.
- Dow Jones futures: up two pts at 33,020
- S&P 500 futures: up 3.5 pts or 0.1 per cent at 3,988.3
- Nasdaq Composite: up 14.8 pts or 0.1 per cent at 12,076.8
Share Market LIVE Today | Tube Investments, Yes Bank, Shree Cement, Schaeffler worst hit among around 170 laggards in BSE 500 universe
Holi kab hai? | BSE, NSE to be shut on March 7, but brokers want holiday on a different day
Stock exchanges BSE and NSE will remain shut on Tuesday, March 7 for the Holi 2023 holiday. MCX will remain shut for the morning session — from 9 am to 5 pm, and open for the evening session, from 5 pm to 11:30/11:55 pm.
According to National Exchanges Members of India (ANMI) President Kamlesh Shah, the holiday on March 7 might affect T+1 settlements as banks will remain closed on March 8 as per RBI guidelines. It is physically not possible to open offices in certain areas, as travelling would be difficult, especially for female staff.
कब है होली?#Holi की छुट्टी 7 के बदले 8 मार्च को करने की मांग
ब्रोकर्स के संगठन ANMI की वित्त मंत्रालय को चिट्ठी@OfficialAnmi के प्रेसिडेंट कमलेश शाह और CPAI के प्रेसिडेंट नरेंद्र वाधवा की राय, देखिए @AnilSinghvi_ के साथ खास बातचीत में@VoiceOfCPAI @nwadhwa64 @kamleshshah_ pic.twitter.com/Ricyd9CV3B
— Zee Business (@ZeeBusiness) March 1, 2023
Read more on Holi 2023 holiday on BSE, NSE, MCX | Kab hai Holi 2023?
Stock Market LIVE Today | Sensex surges almost 900 pts, Nifty50 comes within 13 pts of 17,600
Both headline indices take their intraday gains to as much as 1.5 per cent. The Sensex adds 890.3 points to touch 59,799.7 at the strongest level of the day, and the Nifty50 climbs to as high as 17,587.2, up 265.3 points from its previous close.
Both Sensex and Nifty50 have fallen in nine out of the last 10 sessions.
Here's how the indices have moved so far today:
Sensex
Nifty50
Stock Market LIVE Today | Buy Foseco India, says Astha Jain
Astha Jain of Hem Securities recommends buying Foseco India at Rs 2,250 for a target of Rs 2,450 with a stop loss at Rs 2,090.
Stock Market LIVE Today | Tata Motors shares hold on to the green
The Tata group auto major's stock rises 1.4 per cent to touch Rs 426.4 at the strongest level of the day.
Tata Motors touches milestone of producing 50 lakh passenger vehicles
Its production had reached 10 lakh in 2004, 20 lakh in 2010, 30 lakh in 2015, and 40 lakh in 2020, according to a company statement.
"This journey, from each million to the next, has been one replete with its fair share of ups and downs," says Shailesh Chandra, Managing Director, Tata Motors Passenger Vehicles.
Gold Rate Today | MCX gold futures inch higher to cross Rs 55,800 levels
MCX gold futures (April 5) are up by Rs 92 or 0.2 per cent at Rs 55,831 per 10 grams, having moved in a range of Rs 55,780-55,899 earlier in the day.
Good time to buy gold? Pritam Patnaik recommends buying gold, target Rs 56,000 per 10 grams | Commodity market tips LIVE
Pritam Patnaik of Axis Securities suggests buying gold futures at Rs 55,800 for a target price of Rs 56,000 with a stop loss at Rs 55,650.
Nifty LIVE | Financial, oil & gas, metal, IT shares biggest contributors to Nifty50's rise
Stock Market LIVE Today | Best day for SBI shares in 21 months, Yes Bank slumps — what's driving the moves on D-Street
State Bank of India shares clock their biggest intraday jump in 21 months, after a report by Reuters, citing sources, suggests the state-run lender may look to cut its stake in Yes Bank after a lock-in period ends on March 13. Yes Bank shares, on the other hand, give in to the red zone.
The RBI had imposed the lock-in period till March 13 as a part of the private sector lender's restructuring.
At 11 am, SBI shares are up 4.5 per cent at Rs 557.6 apiece on BSE, having risen as much as 5.7 per cent to Rs 564 apiece earlier in the day — their biggest intraday gain since May 17, 2021. As many as 9.8 lakh SBI shares have changed hands on BSE so far today, as against a daily average of 4.8 lakh in the past two weeks, according to exchange data.
Read more on SBI shares
Stock Market Tips LIVE | Buy SWSolar shares, says Sneha Seth
Sneha Seth of Angel One shares one recommendation with Zee Business viewers:
- Buy Sterling and Wilson Renewable Energy shares for a target of Rs 320 with a stop loss at Rs 292
Stock Market Tips LIVE | Buy EIH shares, says Ambareesh Baliga
In an interaction with Zee Business Managing Editor Anil Singhvi, independent market analyst Ambareesh Baliga suggests going long on EIH shares for a target price of Rs 227.
His call is for a duration of 9-12 months.
Stock Market Tips LIVE | Siddharth Sedani recommends buying PNC Infratech stock for targets up to Rs 410
Siddharth Sedani of Anand Rathi Securities shares one stock pick with Zee Business viewers. He has a short-term target of Rs 300 and a long-term target of Rs 410 for PNC infra.
Sedani is positive on the company's strong fundamentals. He highlights that PNC Infra's order book stands at around Rs 17,800 crore.
PNC Infratech shares have risen around 12 per cent in the past one year, double of the Nifty50's return.
